Life Estate Quit Claim Deed

[HELEN K]

I recently had a "Life Estate Quit Claim Deed" filed for my Aunt's Condo in Florida. The transaction is between my brother, myself & my Aunt.
I am not sure if I now own this property or is it still my Aunt's until she passes?
Do I have any legal claims to it at all before she dies?
Will the real estate taxes change?
At the time of her death will there be any other papers that need to be done to "inherit" this property?

[seniorjudge]

I recently had a "Life Estate Quit Claim Deed" filed for my Aunt's Condo in Florida. The transaction is between my brother, myself & my Aunt.
I am not sure if I now own this property or is it still my Aunt's until she passes?
Do I have any legal claims to it at all before she dies?
Will the real estate taxes change?
At the time of her death will there be any other papers that need to be done to "inherit" this property?

Who is the life tenant (meaning who gets life time interests in the place)?

Who are the remaindermen (meaning who get the place after the life tenant dies)?

Tell us EXACTLY what the deed says (using fake names).

[HELEN K]

I will "quote" it using fake names as soon as I get the papers in the mail.
Thank you

[lwpat]

A life estate, especially in Florida, can result in a multitude of problems. I assume that the Aunt owned the condo and transferred it to the two of you by the quit claim deed. There are probably tax consequences so I would talk with your accountant.

Your Aunt has the right to occupy the property or rent it out as long as she lives. On her death, it automatically completely belongs to the remaindermen. That is you and your brother. Even if your aunt goes into a nursing home, she still controls the property. This is where the problems usually come in. She is responsible for taxes and maintenance unless there are other arrangements.

My advice would be to consult with an estate attorney. Having her leave this to you in her will may be a better option.